They have expressed the desire to move to a bigger and cheaper house a little further out, and were curious about what they can do with their existing property.

OK, now that I've painted the picture for you, my question is: Can I use the equity in my existing lake home as the down payment for my next purchase?

That Section 8 estimate was lower than the section 8 website stated, but I am intending on contacting the housing authority to verify what the landlord regulations and what they would be willing to pay for said home in the area. his original asking price was $35k, I've slowly worked him down to this point. upon more investigating it looks like the median home price for the area is around $40k, so I am wary about repairs. 

All your rental income and expenses for all your rental properties are reported on Schedule E (1040) as if the LLC did not exist and all properties are titled in your own name.  2. 

I have a written guarantee from the BC side to purchase the property, now I know the word guarantee in this business is just that a word...lol But my BC buyer is a Regulation D fund that has committed to buying the property way before I even found it.

Learn the local and federal regulations .This is extremely important for landlords .

Some more specialized medical uses such as physical therapy, gynecology, audiology are not yet present and would make great additions.My thought was to send out targeted mailings to already existing medical offices. 

I have been searching online, but can’t find any law or regulation that explains this.

The lender saw there was an existing FHA case number on the property so we were able to use the same appraisal and we closed in 3 weeks. 

Lien priority is determined by state law and it is best to have the title reviewed by a professional to see what encumbrances may exist on the property.